2007-01-20 03:18:21 · 5 answers · asked by Anonymous in Business & Finance ➔ Investing
I want whether forex trading is legal in India
2007-01-22 03:37:59 · update #1
Of course it is legal to trade foreign currencies, and there is no limit on trading. But it is also legal to give away all your money.
Foreign exchange is the futures market and is very dangerous for someone who doesn't know what they are doing. If you haven't been doing investing for many years and know about how all the markets work, and what influences them, I GUARRANTEE you will LOSE YOUR MONEY in the futures markets
2007-01-20 04:24:15 · answer #1 · answered by bob shark 7 · 0⤊ 0⤋
Yes it is legal and yes you can use forex.com or any other exchange. As noted by others, the exchanges are "risky" because they are leveraged - you need to invest only a portion of the total US dollar value of the FX position you control. For example, if you control $100 of Swiss Francs, you might need to put up only $10 in cash. However, if the Swiss Franc declines by 10%, your $100 of Swiss Francs declines by $10 also and you investment is wiped out.
Another way to invest in FX is to put US $ into a foreign currency deposit account in a US bank. That way, the money buys an equal amount of the foreign currency and the bank will pay you interest on the foreign currency balance.
For example, if you want to invest $100 in Swiss Francs, go to a Citi bank branch and ask for a FX deposit account. (I only use Citi because here in NY they take FX deposits.) They will pay you interest just like on any other savings account. If the Swiss Franc declines 10%, you still lose $10, but you will have earned interest that will help reduce the loss and you have the equivalent of $90 of the original investment.
2007-01-20 13:32:32 · answer #2 · answered by PMD 3 · 0⤊ 0⤋
It is legal to trade foreign currency. I would recommend you to check the website below of Forex trading . You can start trading with a Free demo account
http://money-review-site.com/investment.html
http://www.money-review-site.com
2007-01-21 11:29:38 · answer #3 · answered by Anonymous · 0⤊ 0⤋
It is legal to trade in foreign currency. There is limit to your investment in a year.
2007-01-20 03:46:50 · answer #4 · answered by cvrk3 4 · 0⤊ 0⤋
1) Yes.
2) Yes.
2007-01-20 09:39:01 · answer #5 · answered by Anonymous · 0⤊ 1⤋